Italy gets a few problems; they need a new Pope and a new Prime Minister. They actually will get a Pope before a Prime Minister. Look, it was a good reminder to the market about how complacent we took the Italian elections - myself included. It's also a reminder why a technocrat like Monti worked for a year but ultimately technocrats don't last more than 12 months and then democracy takes over; democracy has spoken. I think the problem here is that we could be 6, 8 weeks, or 3 months in this situation with Italy. They may try a super coalition; they may try everything but we know ultimately it is going to fail. The ... (full story)